A Dallas real estate investor has purchased a manufacturing center in Garland, the latest in a series of industrial building buys the company has made in recent months.
Westmount Realty Capital LLC just bought the 341,840-square-foot commercial building on Kingsley Road near LBJ Freeway.
The building was acquired from a New Jersey investor. Terms were not disclosed.
Westmount plans to spend $1.5 million to upgrade the building, which was constructed in the 1960s and 1970s.
The tenant in the property, Apex Tool Group, has signed a new 20-year lease to continue occupying the building.
“For us what was appealing about the property was the long-term lease,” said Cliff Booth, chief executive of Westmount Realty Capital. “The 20-year lease commitment by Apex enables us to fund comprehensive building improvements.
“The tenant is a company that manufactures high-quality tools,” Booth said. “They have 400 people working in that building.”
Lee & Associates brokered the sale and NorthMarq Capital LLC arranged the funding of the purchase.
The Apex Tool Group building is adjacent to three industrial properties that Westmount bought last summer.
In June, Westmount bought the 1.1 million-square-foot industrial complex in Garland Business Park at 2600 McCree Road near LBJ Freeway.
The investor has remodeled those properties.
“It looks dramatically different than it did a few months ago,” Booth said. “We have expanded and renewed several leases.”
Westmount also recently purchased 3 million square feet of industrial buildings in Columbus, Ohio.
“We bought close to 5 million square feet of industrial space last year,” Booth said.
Westmount also recently purchased a 96,000-square-foot warehouse just north of downtown Fort Worth.
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